/biz/ - Business & Finance

>>55135304
>And if we continue to do this, we will have a nice architecture like this, and this nice architecture will be the future of the entire global financial system and it’ll actually create nice local domestic financial systems in places where they don’t even have a legal system. So it’ll be simply wonderful and I’m very very excited to get there but in order for us to get there, we need to do a couple of things. We need developers to keep building great applications. We need users to become educated about the security dynamics that they’re engaging in and ask for greater security and greater reliability and lack of conflict of interest and conflict of interest free inputs. And we need it to be built securely so money isn’t lost. So if we can do these things and we can avoid replicating the FTX Alameda, oh my God it’s so obvious, but it wasn’t obvious two weeks ago situation, within DeFi, then we can be the way the world works. And that’s what we can be. If we do all that. Now, one of the things we need to do in order to arrive there is actually protect this architecture from various attack vectors. The attack vectors that initially have started out years ago, that Chainlink has been resistant to, have been things like directly trying to attack oracle networks on-chain or off-chain. And oracle networks, at least in Chainlink’s case, have so far resisted those attacks. Then the next attacks that happened were something called flash loan attacks, which we talked about a few years before they became a real problem. And sure enough, they became a real problem. And basically a flash loan attack is about manipulating data. So you go to the data source, you manipulate the data source, the data source input is under the control of essentially some market maker trader hedge fund guy. The market maker trader hedge fund guy steals the money and then the protocol dies and everyone else loses their money, right?